Remember Satyam? That Satyam? Yeah, it's been awhile for us, too.
Satyam's PwC India auditors already received a lifetime ban, but what about Satyam's founder? Surely you've been wondering what sort of slap on the wrist he'd get for one of the largest and most blatant frauds in history?
A local court on Monday convicted Satyam founder B Ramalinga Raju, accused of one of the most sensational corporate frauds in the country, and other accused in connection with complaints filed by Serious Fraud Investigation Office (SFIO). The court sentenced Raju and others to six months' jail term and imposed fines on all the accused. SFIO, the investigation arm of Union corporate affairs ministry, had filed seven complaints against the erstwhile Satyam Computer Services Limited (SCSL) and its directors for violations of the Companies Act in the Special Court for Economic Offences in December 2009. Raju and some of the directors were sentenced to six months' imprisonment and each of them were fined an amount ranging from Rs 10,000 to Rs 10 lakh, while in other complaints only fines were imposed.
According to my handy currency converter here, 10,000 Indian rupees is about $161 US dollars. Rs 10 lakh is 1,000,000 rupees, or a little over $16,000 US dollars.
Dude's lawyers plan to file an appeal.